I have just recived a pay rise from my place of work of £200 per month. On my last review in my iva i was £67 over my budget ie my income was £67 short of my expenditure. How much of my pay rise will they take off me.
You will need to speak to your IP, tell them of your rise, but also tell them that your expenses have gone up. That will probably determine how much they ask for.
They may want you to do another I&E.
You should not be making payments that are leaving you short each month.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
thank you ever so much for your prompt reply. The reason i did ask sorry was i was under the illustiton that you only paid a percentage of any pay rise you earn kind regards dave
But there is always a possibility that he would be asked to pay extra across for the months he has had the payrise.
I would phone now - they may say they will wait, but it is better to be safe than sorry.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I had a couple of payrises in my first year and never mentioned till my annual review, in the end i didnt have to pay anything back and my iva payment the same, in may case i was not sorry
Andy is right - do a quick latest I&E and see what the position is and pay over 50% net of 10% of the balance[;)]
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
I didn't get last years payrise till February this year! Fortunately it was just before my annual review, so it was sorted out then.
However, we have (unless anyone renages on it!) a three year deal and will be getting 2.6% in September, so I will be ringing up to inform them when I do get it as I don't want to have to suddenly find extra money at the end of the year.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I don't get this, surely an annual review is done annually for the coming twelve months. But, so many people seem to think that any change of circumstances should be reported to avoid back charging. Which is right??
I'm with JamesC... my payrises were always 2 months after my annual review & it was only taken into consideration at the next annual review, so some 9 or 10 months later & then I was never asked to pay any back payrise over.
Maybe it depends on the IP & the amount of payrise?
Perhaps it is each to his own. I know that I will tell my company, and if they say fine, wait until the review, then ok. At least I will have told them.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Thank you all very much for your fantastic feedback. I think the main thing i wanted to know was how much of my payrise can they take under the rules of a iva. Can they take it all ie the full £200 per month or is it only a percentage.
Stricly speaking - yes - but do a new I&E and see what your current expenses are which might go to mitigate this.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
I work for the NHS and we get our 3% payrise this month, do I have to declare this as it is only an inflation rise and as we know everything else has gone up thanks Locko
